Every business requires a bank account to trade. It adds credibility in the business and also helps in managing finances.
If you are looking to open a bank account for your Sole Proprietorship Business in Kenya, here are the requirements you will need to prepare before walking into a bank;
- Business Registration Certificate – You will be required to produce the original Business Registration Certificate. Please make sure to make a photocopy as well because the bank will need to keep it in order to perform search at Company Registry to check whether the business has been legitimately register.
- Certified copy of ID or Passport – Some banks may insist for the photocopy of your ID/Passport be certified. However other banks usually don’t ask for certified copy, just simply a photocopy is enough.
- Utility Bill – You will be required to provide either Electricity or Water Bill or any bill that can be used as proof of address.
- Passport photo (at least 2) – Make sure the photo is clear and that it has a simple clear background. Preferably white background.
- KRA PIN – you will require to make photo copy of your KRA Personal Identification Number (PIN).
- Introducer – Most banks usually request that you need an existing customer of the bank to introduce you. Other banks usually don’t ask, it depends on which bank you have chosen to open your account with.
Duration: Same day, however the cheque book, atm, internet banking and mobile banking can take up-to 7 working days. The duration for account opening varies depending on which bank you choose.
Cost: FREE, however some banks may insist on minimum opening balance in order for the account to be opened. The amount varies from bank to bank.
Here is to your success in opening a bank account for your Sole Proprietorship Business